Businessman and owner of Tere AS, Oliver Kruuda, said in an interview with ERR’s TV news on Thursday that he didn’t agree with the suspicions raised against him, but that Tere would likely need to be broken up. Kruuda had been arrested earlier this week on suspicions of tax fraud.

Kruuda said in the interview that there were different interpretations of the situation rather than a tax fraud case. He doesn’t see a reason why Tere AS should file for bankruptcy, but instead said that the company would be reorganized.